Payment gateways are a system that enables online transactions through a merchant's website or mobile app with a bridge of connection to a financial institution for payment processing. They encrypt sensitive data, comply with the payment card industry data security standard, and have mechanisms for detecting fraud in order to prevent unauthorized transactions. They get embedded into e-commerce platforms, websites, or mobile applications invisibly without breaking the flow or process that the user is going through. They support multiple payment modes like credit/debit cards, digital wallets, bank transfers, and alternative modes of payment in order that customers of any kind can pay using their preferred mode of payment. They give a report and analytic on sales performance, trends in transactions, and customer behavior to help businesses in data-driven decision-making. Payment gateways smoothen the process of checkouts, making it easier and, in the process, less-frictional, and thus adding value to the customer.
Payment gateway companies in India are adding as many options as possible to enable payments, giving in to the varied consumer options and choices. This would include the capability to support a range of credit and debit cards, digital wallets, unified payments interface (UPI), net banking, along with fast-growing emerging technologies that support different forms of quick response (QR) code payments and contactless payments. Payment gateway companies in India are investing in state-of-the-art safety technologies and fraud prevention, understanding the importance and critical need for safety in online transactions. This includes strong encryption protocols, multi-factor authentication, machine learning fraud detection, and compliance with a strong framework of regulations.
According to IMARC Group, The India payment gateways market size reached US$ 1,629.0 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 3,981.7 Million by 2032, exhibiting a growth rate (CAGR) of 10.1% during 2024-2032.
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With the proliferation of smartphones and the growing trend towards mobile commerce, Indian payment gateway companies are placing a strong emphasis on mobile payments. To make the transaction experience as seamless as possible on smartphones and tablets, they are working on developing interfaces that are mobile-responsive, optimizing the platform for mobiles, and offering dedicated mobile SDKs. Payment gateway companies have been providing specialized solutions for the increased popularity of subscription-based businesses across various industries. Features offered include recurring payments, subscription management tools, flexible billing cycles, and automated invoicing, among other requirements for a subscription-based business. Most of the payment gateway companies focus on the user experience, not only for merchants but also for the customer. This includes a streamlined checkout process for ease of use and speed, real-time transaction feedback, user-directed customizable payment interfaces, and responsive support service for customers.
List of Top Payment Gateways Companies in India
- Cashfree Payments India Private Limited
- Easebuzz Private Limited
- Fiserv India Pvt Ltd (Fiserv Inc.)
- IndiaIdeas.com Limited (BillDesk)
- Infibeam Avenues Limited (IAL)
- Ingenico International India Pvt Ltd.
- Instamojo Research and Development Private Limited
- IppoPay Technologies Private Limited
- One Mobikwik Systems Limited
- PayPal Payments Private Limited
- One97 Communications Limited
- PayU Payments Private Limited
- Razorpay Software Private Limited
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